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Help Available To First Home Buyers Through Home Buyer Schemes

Under FHBAS (First Home Buyers Assistance Scheme) of NSW government you may be eligible to<br>concession in transfer duty rates, or maybe be exempted from paying it altogether.<br>The scheme applies to first home buyers, who are<br>u25cf Buying an existing home<br>u25cf Buying vacant land, where they intend to build a new home<br>u25cf Buying a new home<br>For more information and eligibility criteria visit the NSW governmentu2019s website and check under the<br>housing and property section.

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Help Available To First Home Buyers Through Home Buyer Schemes

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  1. Help Available To First Home Buyers Through Home Buyer Schemes

  2. First Home Buyers Government Schemes The weather of the property market is always erratic and anything can change so suddenly that thinking may get balked and it feels like we can’t predict anything ahead. People ask many questions regarding the property market. In the middle of all the certainties, first home buyers are coming to the fore. The reason behind this is the myriad of benefits accessible to First Home Buyers. However, a lack of knowledge about the first home buyer schemes is refraining them from availing its benefits. First Home Buyers Government Schemes available to first home buyers are; • The First Home Loan Deposit Scheme • First Home Owner Grant • First Home Super Saver Scheme Depending on where first home buyers are buying their first home, they are going to face very different requirements and receive very different amounts. Their lender can assist them with comparing costs and available grants or concessions. What we are trying to do here is get you one step closer to homeownership.

  3. The First Home Loan Deposit Scheme First Home Loan Deposit Scheme was launched on January 1, 2020, to support 10,000 first home buyers. After that, on July 1, 2021, it was announced that additional 10,000 applicants can avail of the benefits of this scheme till June 30, 2022. The First Home Loan deposit Scheme will help the first home buyers to secure a home with only a 5% deposit, and they can also avoid paying the lender’s mortgage insurance. Typically, a home buyer is expected to pay 20% of the deposit to be exempt from LMI. With the government now underwriting the loan, the borrowers do not have to pay LMI.

  4. Eligibility Criteria for First home Loan Deposit Scheme • The applicants must be Australian citizens over the age of 18 years. Permanent residents are not eligible. • A deposit between 5% to 10 % is required. • Scheduled repayments of the principal loan amount are required under the scheme for the full period of repayment. • If the loan relates both to the purchase of vacant land and the construction of a house on the land, the loan may be an eligible loan even if the terms of the loan agreement permit interest-only repayments for a specific period. • The property must be used as a principal place of residence. • It must be owner-occupied, not an investment. • Income brackets eligible for the first home loan deposit scheme • a. Taxable income up to $125,000 for a single person • b. Taxable income up to $200,000 for married couples.

  5. First Home Owner Grant Eligibility Criteria The First Home Owner Grant offers first home buyers up to $10,000 for first home buyers buying newly built homes. This home buyer scheme is available to properties and projects up to $60,000. You should be a natural person aged 18 years or older. The home you are buying must be new and valued less than $750,000 You and your spouse must not currently own a property in Australia. If you have owned an interest in residential property since 1 July 2000 that has been solely used for investment purposes, you may be eligible for the grant on a subsequent property. This home buyer scheme helps first home buyers if they start making concessional savings and non-concessional savings in order to make a deposit. First home buyerscan contribute a maximum of $30,000 over two years, and $15,000 per year. Through this home buyer scheme, you can get up to a 30% discount on your marginal tax rate.

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